Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0285%/8h= −31.2% APRpaid last 24h −0.082%

Price spread now: Phemex against Hyperliquid−0.117%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$430.427% of the position

Long on Hyperliquid Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.037%−$4 on $10k

Price spread, last 3 days (all we have)+0.008%+$1 · spread now −0.117%, 7d avg −0.033%

Together, before fees−0.029%+ Points / potential airdropHyperliquid: Season 2 · farm board−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Phemex is 0.084% cheaper against Hyperliquid than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.033%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.037% in total (about -1.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid AVAX	11.121	0.0385	pay 0.0048% / 1h	7m 04s	$43.2M	$44.8M	10x
Short	Phemex AVAXUSDT	11.108	0.0100	get 0.0100% / 8h	6h 07m	$29.7M	$5.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Hyperliquid. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee HyperliquidbpFee PhemexbpOrdersPrice spread, now −0.117%Rate

Funding earned: −$59.8
Price spread: −0.117% → −0.033%: −$8.39
Slippage, 4 orders: −$21.72
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$110.92
Costs to cover: 0.427%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; Phemex: live order book, 2 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Hyperliquid live order book, 6 min ago	0.45 bp	6.8 bp −$7	13.6 bp −$136	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	2.71 bp	17.7 bp −$18	25.5 bp −$255	doesn't fit	doesn't fit

AVAX on 35 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective AVAX/USDC PERP	−0.1423%	1h	11.070	−0.459%	$17K	$151K	12x	as long as short
Nado AVAX-PERP	−0.0040%	1h	11.108	−0.117%	$286K	$480K	10x	as long as short
Deribit AVAX_USDC-PERPETUAL	−0.0020%	1h	11.105	−0.144%	$5.2M	$8.1M	25x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.109	−0.107%	$102K	$91K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0003%	1h	11.105	−0.144%	$13K	—	150x	as long as short
Gate AVAX_USDT	+0.0070%	8h	11.107	−0.126%	$12.1M	$36.7M	75x	as long as short
Lighter AVAX	+0.0096%	1h	11.107	−0.129%	$1.2M	$3.0M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.102	−0.171%	$16K	$578K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0100%	8h	11.103	−0.165%	$13K	$434	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.104	−0.156%	$2.3M	$1.3M	75x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica AVAX	+0.0100%	1h	11.109	−0.107%	$295K	$107K	10x	as long as short
Binance AVAXUSDT	+0.0100%	8h	11.114	−0.063%	$118.6M	$447.9M	75x	as long as short
Bybit AVAXUSDT	+0.0100%	8h	11.106	−0.135%	$88.4M	$141.1M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0100%	8h	11.108	−0.117%	$20.0M	$121.4M	50x	as long as short
MEXC AVAX_USDT	+0.0100%	8h	11.108	−0.117%	$48.6M	$82.8M	200x	as long as short
KuCoin AVAXUSDTM	+0.0100%	8h	11.110	−0.099%	$15.5M	$22.1M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.102	−0.171%	$33.3M	$49.9M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.106	−0.135%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERP	+0.0100%	1h	11.110	−0.099%	$355K	$506K	15x	as long as short
Variational Omni AVAX	+0.0100%	8h	11.107	−0.130%	$2.9M	$2.2M	—	as long as short
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.086	−0.317%	$354K	$790K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.089	−0.288%	$178K	$678K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.106	−0.135%	$130K	$349K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.111	−0.090%	$195K	$313K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.132	+0.096%	$12K	$709K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.107	−0.126%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.105	−0.139%	$361K	$855K	75x	as long as short
Phemex AVAXUSDTshort	+0.0100%	8h	11.108	−0.117%	$29.7M	$5.6M	50x
Extended AVAX-USD	+0.0104%	1h	11.104	−0.149%	$671K	$1.6M	25x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.099	−0.196%	$255K	—	3x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.103	−0.160%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0255%	1h	11.111	−0.091%	$4.3M	$11.7M	50x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0288%	1h	11.109	−0.108%	$901K	$5.7M	50x	as long as short
Hyperliquid AVAXlong	+0.0385%	1h	11.121	long leg	$43.2M	$44.8M	10x
GMX AVAX/USD [AVAX-USDC]	L +0.0436% / S −0.0295%	1h	11.106	−0.137%	$236K	—	120x	as long as short